TC Energy reports fourth quarter and full-year 2025 results
Executive Summary
- TC Energy reported Q4 2025 and full‑year 2025 results, showing a 13% YoY increase in comparable EBITDA for the quarter and a 9–10% rise for the year.
- The Board approved a 3.2% increase to the quarterly common share dividend (now $0.8775 per share, $3.51 annualized), marking the 26th consecutive year of dividend growth.
- Management highlighted record operational performance – 15 flow records, all‑time delivery volumes on Canadian and U.S. natural gas pipelines, and $0.6 bn of new low‑risk expansion projects sanctioned for 2026.
Key Details
- Financial Highlights (Q4 2025)
- Comparable earnings: C$1.0 bn ($0.98 per share) vs. C$1.1 bn YoY.
- Net income attributable to common shares: C$1.0 bn ($0.92 per share).
- Comparable EBITDA: C$3.0 bn vs. C$2.6 bn YoY (+13%).
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Segmented earnings: C$2.2 bn vs. C$1.9 bn YoY.
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Full‑Year 2025 Highlights
- Comparable EBITDA: C$11.0 bn vs. C$10.0 bn YoY.
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Segmented earnings: C$8.0 bn (flat YoY).
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Dividend Update
- Quarterly common share dividend increased 3.2% to $0.8775 per share (annualized $3.51).
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26th consecutive year of dividend growth.
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2026 Outlook
- Expected comparable EBITDA: C$11.6–C$11.8 bn.
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Capital expenditures forecast: C$6.0–C$6.5 bn (gross) or C$5.5–C$6.0 bn net.
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Operational Highlights
- Canadian Natural Gas Pipelines average delivery 27.2 Bcf/d (+5% YoY); record 33.2 Bcf on Jan 22, 2026.
- U.S. Natural Gas Pipelines average 29.6 Bcf/d (+9.5% YoY); record 39.9 Bcf on Jan 29, 2026.
- NGTL system receipts 15.5 Bcf/d (+2%).
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Power generation deliveries up 11% YoY to 1.2 Bcf/d.
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Project Highlights
- $0.6 bn of low‑risk in‑corridor expansion projects sanctioned for 2026 (including $0.5 bn NGTL expansion, $0.1 bn brownfield compression).
- Non‑binding open season closed on Columbia Gas Transmission: up to 0.5 Bcf/d capacity; received ~1.5 Bcf/d total bids.
- New non‑binding open season launched on Crossroads Pipeline: up to 1.5 Bcf/d capacity, closing mid‑Mar 2026.
- Cedar Link project tracking below budget of $1.2 bn FID.
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VR (Virginia) and WR (Wisconsin) projects placed in service Nov 2025; total costs ≈ US$0.5 bn and US$0.7 bn respectively.
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Capital Execution
- $8.3 bn of projects placed into service in 2025, >15% under budget.
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Anticipated $4 bn of capital to be placed into service in 2026 (including Bison XPress, Valhalla North, Berland River, Bruce Power Unit 3).
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Teleconference/Webcast – Scheduled for Feb 13, 2026 at 6:30 a.m. MT / 8:30 a.m. ET; presenters include CEO François Poirier and CFO Sean O'Donnell.
Notable Quotes
“Our safety‑first culture is driving exceptional operational performance… we remain confident in our ability in 2026 to fully allocate $6 billion of net annual capital expenditures through 2030.” – François Poirier, President & CEO
Materiality Assessment: Material – Positive (significant earnings growth, dividend increase, record operational volumes, and forward‑looking capital guidance.)